Coronavirus PPP Loans In Scotch Plains-Fanwood: Where Money Went

SCOTCH PLAINS/FANWOOD, NJ — The U.S. Small Business Administration and U.S. Treasury released details of the country’s massive Paycheck Protection Program that helped New Jersey businesses, including in Scotch Plains and Fanwood, affected by the coronavirus pandemic (see list below).

More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.

More than 30 businesses in Scotch Plains were approved for loans greater than $150,000. Below is a breakdown of the amounts approved in Scotch Plains:

• $5 million to $10 million: 0
• $2 million to $5 million 0
• $1 million to $2 million: 4
• $350,000 to $1 million: 10
• $150,000 to $300,000: 20

In Fanwood two businesses K-9 Resorts LLC and Thomas E Williams Co. Inc. each received between $150,000 and $350,000, which helped support 35 totoal jobs, according to the SBA data.

In Scotch Plains loans to businesses included: JCC Central Jersey, a non-profit organization, received between $1 million and $2 million, which helped support 274 jobs, according to the SBA data. Union Catholic Regional High School, a non-profit organization, received between $1 million and $2 million, which helped support 98 jobs. Ashbrook Care and Rehabilitation Center got between $350,000 and $1 million. Snuffy's Pantagis also got a loan between $150,000 and $350,000, which helped support 60 jobs.

The list of the recipients is below, although a number of businesses are now reporting that the list, in some instances, contains "some big errors," according to CNBC.

The loans are made by lending institutions including banks and credit unions and are guaranteed by the SBA. All PPP loans are subject to review by the SBA and all loans over $2 million are automatically reviewed by the SBA.

"Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness," the SBA said in a statement about the data release.

The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA.

PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities.

Below is a searchable database of New Jersey, Scotch Plains and Fanwood loans over $150,000.